APPLY YOUR SKILLS 3-1 Create a Journal Entry and Recurring Transaction In this exercise, you will create the journal entry to reallocate and expense the prepaid rent on Melanie's store and make it recurring for five months. You will also create a recurring transaction in advance for prepaid storage. When reallocating items like this in a journal entry, we are working with the expense amount only, no sales tax. 1. Record the January expense, on January 31, 2026, for the store rent by creating a journal entry to reallocate one-sixth ($550) of the total prepaid store rent amount, the prepaid amount was originally paid on January 30, 2026, for $3,300 to the Prepaid Expenses account. 2 Create a recurring journal entry based on the entry above to reallocate the $550 for the last day of each month for February 2026 through June 2026 for the remaining prepaid rent. 3. Create another recurring journal entry to reallocate one-third ($75) of the prepaid storage payment (not including the HST), to record the expense, which was paid on March 22, 2026. Make it for the last day of each month for the months of April, May and June. Note that you are not entering the expense yer and are just creating the template